SharpLink to Raise $200M for Ethereum Acquisition

SharpLink Gaming (ticker: SBET), a gaming company pivoting into a major Ethereum treasury player under the guidance of Consensys founder Joe Lubin, has secured another institutional agreement to raise $200 million for Ethereum investment. This deal involves collaboration with four unnamed institutional partners, who will purchase SBET shares currently priced at $19.50 each. The offering is anticipated to finalize this week. As one of the largest publicly listed holders of Ethereum's native token, SharpLink is part of a growing trend of crypto treasury firms that began earlier this year. Notably, in July, former BlackRock executive Joseph Chalom took on the role of co-CEO to steer the firm’s ETH strategy. The Minnesota-based company previously filed for a $1 billion shelf registration with the Securities and Exchange Commission, later expanding this to $6 billion in mid-July to facilitate equity and debt offerings to investors. “The proceeds from this offering will be used to enhance SharpLink’s ETH treasury, which is expected to surpass $2 billion in value upon deployment,” the firm stated in a press release. Alliance Global Partners is acting as the lead placement agent for this offering, with Societe Generale as a co-placement agent. Cantor has joined the firm as a financial advisor. SharpLink’s previous backers include renowned crypto entities like Arrington Capital, Consensys, Electric Capital, Galaxy Digital, GSR, Hivemind Capital, Ondo, Pantera Capital, ParaFi Capital, Republic Digital, and White Star Capital, among others. Currently, ETH is trading at $3,855.14, showing a 7% increase for the day, according to The Block’s price page. Disclaimer: The Block is an independent media source delivering news, research, and data. As of November 2023, Foresight Ventures is a major investor in The Block while also investing in other crypto firms. Crypto exchange Bitget is an anchor LP for Foresight Ventures.